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XP Health raises $17.1M Series A to transform vision benefits for insurance carriers, companies and employees

“We have a game-changing offering for how people access and experience employee benefits – with the ultimate goal of positively impacting the lives of millions of people through high quality, accessible and affordable health benefits.”

San Carlos, California (PRWEB) September 28, 2022

XP Health, the maker of the first digital-first vision benefits platform, today announced a $17.1M Series A round led by HC9 Ventures, Valor Capital Group and ManchesterStory. Additional investors include Canvas Ventures, CameronVC, Core Innovation Capital, GSR Ventures and Plug & Play as well as Ken Goulet (former EVP Anthem), Kevin Hill (former regional CEO United Healthcare), Jeff Epstein (CFO). Oracle, partner at Bessemer Venture Partners) and Brett Rochkind (former managing partner at General Atlantic). This expansion capital will strengthen XP Health’s campaign to reimagine the way people experience the benefits of vision.

XP Health offers a high-quality, innovative vision care benefit that doubles the value of coverage while halving the cost for members. This recent fundraising follows a successful 2021 for the company, during which it raised $5.5 million and was named one of Fast Company’s most innovative companies. Starting with just 30 customers last year, XP Health is now serving 1,500 services, including high-profile companies such as DocuSign, Chegg, Navistar, Sequoia Consulting, and strategic partners Guardian Life Insurance and The Health Benefit Alliance. All-in, XP Health covers over 250,000 people.

Through its integrated supply chain, XP Health keeps costs down by eliminating middlemen who add significant markups at multiple stages in the process. This business model has helped triple vision benefit coverage for employees, reducing their out-of-pocket costs by up to 80 percent, while all employers cut eyewear claim costs by 40 percent. This model has also helped the company to increase its revenue by 9,300 per cent from January 2021.

“This round of funding enables us to strengthen the functionality of the platform and provide employers, insurance carriers and employees with a great consumer experience in the most affordable way,” said Antonio Moraes, XP Health Co-Founder and CEO. venture capital investor. “We have a game-changing offering for how people access and experience employee benefits – with the ultimate goal of positively impacting the lives of millions of people through high quality, accessible and affordable health benefits.”

Vision coverage has remained stagnant, complex, costly and unsatisfactory for decades. An estimated 93 million adults in the United States (about 25 percent of the population) are at high risk for severe vision loss, but only half went to an eye doctor in the past 12 months [1], XP Health uses advanced technology to transform vision care into something people – whether they have 20/20 vision or need a prescription – are excited to use, and a unique business model that works for all parties. Reduces cost.

“The XP Health team is driving some much needed change in vision benefits. HC9 is excited to leverage our experience and network to help XP Health accelerate growth while improving eye health.” “We know firsthand what it’s like to operate and grow businesses that drive health innovation, and XP Health is an ideal partner.”

“We believe XP Health will fundamentally transform the vision benefits of the future and are thrilled to contribute to its mission to innovate in space,” said Michael Niklas of Valor Capital Group. “XP Health is working hard to increase access to high quality vision care for millions of employees in the United States and we are proud to support the company from day one.”

David Miles of ManchesterStory said, “As an insurance-tech-focused investor, we know that quality benefits programs make a huge difference in a company’s ability to attract and retain employees, which is especially important ” “XP Health is on track to make Vision Care a ‘must have’ core employee benefit. Our belief in the founding team of XP Health and their passion for the end consumer made XP Health an investment opportunity we could not pass up. “

About XP Health

XP Health democratizes access to high-quality, enjoyable experiences in vision care that doubles coverage and cuts costs in half. It is the first modern vision platform focused on eye care and eyewear that can be used to enhance or replace existing vision plans, and uses artificial intelligence, augmented reality and customer-centric design to create a stellar member experience. Is. XP Health was named to the 2021 Fast Company list of the World’s Most Innovative Companies and has expanded from 30 to 1500+ clients over the past year, including DocuSign, Palantir, Chegg, Sequoia Consulting and strategic partner Guardian Life Insurance Are included. To learn more, visit xphealth.co.

HC9. about

HC9 is an early-stage venture capital firm formed with the aim of providing industry-specific expertise to emerging healthcare software and services companies. HC9’s unique, deeply connected investor community of leading executives, entrepreneurs and investors has thousands of years of experience in all aspects of healthcare. We leverage the power of that experience to support founders who are shaping the future of healthcare. Please visit http://www.hc9.vc for more information.

About Valor Capital Group

Valor Capital Group is a global venture capital firm focused on early stage and growth equity investments. Currently, the group has an AUM of over $2 billion, distributed across six funds. Valor follows a cross-border strategy with a focus primarily in Brazil and throughout Latin America, as well as investing in international companies and helping them expand in the region. Since inception, the firm has invested in over 100 companies, 20 of which are unicorns.

About ManchesterStory

ManchesterStory has pursued technological innovation in Insurtech and surrounding areas with world-class founders. Focusing on early-stage start-ups, ManchesterStory leads venture capital investments for growth, while connecting them with leading financial services companies in North America and beyond.

[1] https://www.cdc.gov/visionhealth/resources/publications/high-risk-vision-loss.html#:~:text=In%202017%2C%20approximately%2093320million,exam%20in%20the%20last %20 years.

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